|Waverley administrators return £3.5m under retention of title claims|
|Written by Gemma McKenna|
|Friday, 16 November 2012 12:55|
The administrators of the WaverleyTBS estate have so far returned £3.5 million worth of stock to trade creditors under retention of title claims.
Waverley went into administration on October 2, and administrators Deloitte have sold the firm's intellectual property rights - including the Waverley name, brand and trademarks - to C&C IP Sarl.
Daniel Butters, joint administrator and restructuring services partner at Deloitte, said: "We would like to thank the staff for their continued support as we wind-down the business. We are continuing to realise value from Waverley's assets and mitigate creditors' losses where possible."
Waverley currently retains 45 staff. A number of those initially retained to assist with the wind-down have left to take up longer-term employment opportunities.
As reported earlier this week, the collapse left trade creditors out of pocket by £40.5 million, with a further £11.9 million owed to HMRC.
Deloitte is currently working on resolving the remainder of the retention of title claims, which it expected to total at least £10 million.
While major drinks firms such as Diageo have been left with a £6.1 million hole in their finances, a number of smaller wine producers are very exposed, and may not have the same level of insurance as their larger counterparts.
One Italian winery, Cantine Francesco Minini, is listed as being owed £404,228 while Chile's Vina Indomita is owed £480,771.
Read more in this week's issue of Harpers, out today.